Tuesday, March 16, 2010

Destin Short Sale Approved in 60 days? A Bank of America short sale? Heck, yes!

What does a Bank of America Equator approval look like? Above is the happy email I got regarding a Destin short sale on Saturday.

What was the key to getting this short sale approved? Tenacity AND creativity. Bank of America's Equator system rejected this offer of around $165,000 as insufficent about five times. It was fair market value. In fact, it was a little over what other units in The Palms condo project in Destin Florida were selling for. Finally, we gave up and just entered $1,000,000 as the offer price. Amazingly, Equator let us continue the short sale process without rejecting the offer. (We corrected the price in the next step.) Bank of America sent out an appraiser, and voila! It turns out the offer was fair market (just like I said). File approved.